A new 2.2-billion-baht industrial complex, Pinthong Industrial Estate 7, will be developed in Chon Buri to serve manufacturers in S-curve industries, especially foreign companies relocating their production facilities as a result of geopolitical conflicts, says the Industrial Estate Authority of Thailand (IEAT).
Among the targeted industries are auto parts, medical equipment, electronics and renewable energy, according to the authority.
The IEAT and real estate developer Pinthong Industrial Park Plc plan to co-develop Pinthong Industrial Estate 7.
"The new industrial estate will facilitate new investors, especially those from China, Taiwan and Japan," said Sumet Thangprasert, acting governor of the IEAT.
"Some investors are seeking new investment destinations to avoid the impact of geopolitical conflicts."
The new estate covers 1,059 rai of land and is another IEAT joint project that promotes investment in the Eastern Economic Corridor (EEC).
Spanning parts of Chon Buri, Rayong and Chachoengsao, the EEC is set to become Thailand's high-tech industrial hub, hosting 12 targeted S-curve industries, including new-generation cars and smart electronics.
S-curve industries refer to emerging industries with a potential to grow rapidly.
"The number of Chinese investors continue to increase in Thailand due mainly to the growth of electric vehicle [EV] industry and its supply chain," said Surach Patanawongyuneyong, a member of the executive committee of Pinthong Industrial Park.
Entrepreneurs from Japan make up the majority of investors accounting for 40% of total investors at Pinthong-owned industrial estates, followed by China (21%) and other countries and territories, including those in Europe, Thailand and Taiwan (9%).
Mr Surach expects Chinese investors to outnumber Japanese investors soon because Beijing continues to support its business people embarking on new investment projects overseas.
"Chinese entrepreneurs tend to invest in auto parts, computer chips, electrical products, home appliances and equipment used for renewable energy," he said.
Industrial estate developers are facing higher land prices in the EEC, which has increased by 30%, following the state promotion of investment in the EEC and the EV industry, said Mr Surach.
His company plans to develop three more industrial estates in Chon Buri and Rayong.
Pinthong set an industrial land sales target of 850 rai for this year, an increase from 750 rai. The company expects its revenue to grow by 15% year-on-year in 2024.